HBK Sorce Advisory LLC Sells 19,840 Shares of SouthState Bank Corporation $SSB

HBK Sorce Advisory LLC lessened its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 60.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,104 shares of the company’s stock after selling 19,840 shares during the period. HBK Sorce Advisory LLC’s holdings in SouthState Bank were worth $1,233,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of SSB. Covestor Ltd boosted its holdings in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after buying an additional 389 shares in the last quarter. Measured Wealth Private Client Group LLC bought a new stake in shares of SouthState Bank during the 3rd quarter valued at $51,000. State of Wyoming boosted its holdings in shares of SouthState Bank by 356.0% during the 3rd quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after buying an additional 445 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of SouthState Bank during the 3rd quarter valued at $57,000. Finally, Danske Bank A S bought a new stake in shares of SouthState Bank during the 3rd quarter valued at $59,000. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.70% of the company’s stock.

SouthState Bank Price Performance

SSB opened at $94.69 on Tuesday. The stock has a 50-day moving average price of $94.58 and a 200-day moving average price of $95.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $9.25 billion, a PE ratio of 10.21 and a beta of 0.72. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the previous year, the firm earned $0.87 EPS. Sell-side analysts predict that SouthState Bank Corporation will post 9.48 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s payout ratio is 25.89%.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of research reports. Truist Financial dropped their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Jefferies Financial Group boosted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Barclays lowered their price target on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, Stephens lifted their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $118.62.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.